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Novated Lease FAQs

And not so FAQs. Every single question we’ve ever been asked!

This is the answer to every single question we’ve ever been asked about novated leasing. Seriously. If you can’t find the answer to your novated leasing question right here, give us a call and ask, then we’ll add it to the list.

The basics of novated leasing

How much will it cost me?
What is a novated lease?
How much better off will I be financially..?
What do I have to do to qualify for a novated lease?
How does it all work?
What steps are involved in getting a novated lease?
Who actually owns the car?
Do I ever actually own a car?
What’s included in the monthly payments?
What happens at the end of the lease?

A bit more detail

How are the budgets and running costs calculated?
Why are running costs included?
I don’t want to include running costs, can I just package the finance?
How much of the novated lease payment covers finance, and how much covers the running costs?
What happens if I overspend on my budgets?
What happens if I underspend on my budgets?
Can I get my excess budget back every month?
Can I get my excess budget back at the end of the FBT year?
What happens with an unexpected expense?
Does it include insurance?
Can I use my own insurance?
I need to take the car for a service, do I pay for the service out of my pocket and then complete a reimbursement form?
Does Autopia pay for my registration?

Can I…?

Can I let anyone drive my car?
Can I have more than one lease?
Can I package any car I like?
Can I package a used car?
Can I buy a second hand car from a friend?
Can I package a car that I already own?
Can I source a car myself?
Can I package a car as a sole trader?
Can I package a car if I run a small business?
Can I salary package a motorbike?
Can I include the cost of a personal number plate in the novated lease?
Can I fill up with petrol anywhere I like?
Can I fill up with petrol at 7-11? I live right next to one.
Can I still benefit even if I only use my car at the weekend..?
Can I get a lease on a 457 visa..?

Do I have to…?

Do I have to use the car for work?
Do I have to drive a certain amount of annual kilometres?
Do I have to be on the top marginal income tax rate to benefit?

Novated leasing finance

Can I use 1% finance I’ve seen on TV?
Can I use my own finance?
Why doesn’t the interest rate matter so much?
Is it not cheaper to draw down on my mortgage?

Does my credit rating matter?

Fringe Benefits Tax (FBT)

What is FBT?
What is the FBT year?
Who is liable to pay FBT?
Do I have to pay FBT?
How do I avoid paying FBT?

Novated leasing residual value

What is a residual?
What if I pay off the residual?
How is the residual determined?
What are the residual percentages?
Can I change the residual?

Car allowances

What if I have a car allowance and business use?
Can I get a better tax deduction claiming my car allowance in my tax return?
Will my car allowance cover the cost of my car?
Is my car allowance already tax-free?
What is the difference between car allowance and salary?

What happens if..?

What happens if I am made redundant?
What happens if I am fired, or quit my job?
What happens if I retire?
What happens if I get a new job at a different company?
What happens if I am transferred overseas?
What happens if I take maternity leave?
What happens if I take paternity leave?
What happens if I want to exit the lease early?
What happens if I change my kilometres half way through the lease?
What happens if I want to change cars half way through the lease?

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